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Tom-Next
Tom-Next (Tomorrow-Next) is an overnight interest rate or currency position reflecting the cost of holding a position from the next day to the following day. It is widely used in forex, commodities, and money markets.
For example, an oil trader holding a USD position overnight may incur a Tom-Next charge reflecting the interest rate differential between currencies. These costs affect hedging, trading, and derivative valuation.
Tom-Next rates help market participants manage overnight funding costs, optimize positions, and maintain liquidity. They are essential for margin planning, arbitrage strategies, and short-term speculation.
Understanding Tom-Next allows traders to account for financing costs, assess risk-adjusted returns, and make informed decisions in leveraged or currency-exposed trading environments.